Billionaire Jack Ma retires from online retail giant Alibaba

Billionaire Jack Ma, Alibaba Group Holding Limited’s co-founder and executive chairman, is retiring from the company.

Ma was quoted by the New York Times as saying he would step down on September 10 to pursue philanthropy in education.

Alibaba was not available for comment outside business hours.

Ma, a former tour guide, English teacher and self-styled “China’s Forrest Gump,” would remain on the company’s board of directors and continue to mentor the company’s management, the New York Times said.

Ma told the newspaper that his retirement “is not the end of an era but “the beginning of an era.”

He added that he would be spending more of his time and fortune focused on education.